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as the averages denied washington's gravitational pull, the dow gaining 60 points, s&p climbing .5%, nasdaq advancing .20%, we know when the president or the speaker of the house comes on the tube these days, the market is going to get hammered. sell, sell, sell, sell, sell, sell. even if it is just temporary. >> sell, sell, sell. >> the only thing you need to know is the time they're going to come on. if you could just blast out of some aggressive growth stocks or sell some s&p future us when see them walk to the podium, you could probably coin money! i'm surprised the president doesn't start his talks by saying, look, look, america, i'm about to send the s&p 500 down a percent with what i say. ou how about the speaker? suffice it to say we all have to keep one eye on washington and hope they don't poke it out with their endless failure to rise above partisanship. when we started this campaign, i'm sure a lot of people said don't worry, i'm sure they'll do it. today was like the worst day yet. the two parties hate each other. they really do. they personally hate each other. but how about t
to a deal in washington today. you can tell from the sell-off, investors do not like it. >> no, posting their largest decline since november 14th, in case you were wondering. although we are off the lows of the session right now. the dow was down 189 two hours into the trading session. we've come off those lows. but at this point, the dow is down 1% for the week and we are down 1% today at 13,173. nasdaq lower, as well. let's see how many percentage points we're down right now. down 1.25%. the technology sector is taking a bigger hit today. down to 3,012 on the nasdaq and the s&p 500 index is down 1% at 1428. . >> house speaker john boehner says he's still open to a offer from the democrats. >> it was a dramatic evening last night. john harwood was there. he has the latest on the on talks. are there any talks, john? >> i think so. but they're pretty muted. this bill was not win of those weeks that makes washington look good. come to think of it, there aren't many weeks that make washington look good. but this was especially especially difficult because you had negotiations getting close
just came back from washington and i got good news and bad news. the good news, they all want to rise above. the bad news, the republicans want to rise above tax increases and the democrats want to rise above spending cuts. you can see that investors want to rise above washington. but this morning rally, the averages got pulled down when harry reid said there probably won't be a deal in time for christmas. who's calling the tune? the nasdaq climbing 1.8%. apple rallied eleven and change. i hope this mini rally is happening because people have looked over the fiscal cliff and they weren't terrified by what they saw. i hope we will get by. i hope they don't mind government intervention in their portfolios. because they are not going away. i hope that because what i heard in washington today were two sides even though i can tell them that a deal would be done and there would be no vacation without legislation, we'd be in much better shape. i have to tell you, as encouraging as the market was this morning, the situation in washington is as discouraging. one after another i started with a
solid reasons to feel totally downbeat. first, i can't believe we're still focusing on this washington thing. for five years we've had to keep one eye on washington, one eye on wall street. i remember whole ten-year stretches i didn't care what was happening down there. at the moment, we can barely focus on anything but washington. the whole u.s. economy, your entire portfolio is hostage to two warring parties, demonstrating a level of partisanship that's been empirically measured to being the worst since 1860, the origins of the civil war. let's hope it doesn't take out that particular benchmark. we're witnessing a titanic struggle between those who are willing to rise above politics, and compromise to cut spending and increase taxes. yes, that's the actual compromise radical middle position as dave cote from honeywell says, and those who simply refuse to accept tax increases or entitlement cuts. given that the president's saying he campaigned and won on a platform of higher taxes for the wealthy and the republicans say they were elected because they pledged to behind the scenes power
on stock holders they are facing something like the debt ceiling debacle. if the armed camps in washington don't disarm and agree to talk to each other in a serious way, and not just the bluster sessions that seem to be happening daily these days, which reminds me, do you remember -- do you remember the debt ceiling nightmare last year? going to those horrendous talks last summer, everybody felt very confident that the president and congress weren't really at loggerheads. market was almost at its high. pretty good, vix low. then like now, we heard that the discord was only political posturing. the stock market forwarded ahead, and the complacency was thick and more people worried about missing a move up rather than talks break down and we might actually default. every time we heard meetings between the president and the speaker like tonight, we figured we would hear mission accomplished the very next day. but we didn't. things got rancorous. ugly stalemate. the market dropped. we got a deal, but only after, not before, we had that hideous sell-off. makes sense. remember how unruly congress
was happening down there. at the moment, we can barely focus on anything but washington. the whole u.s. economy, your entire portfolio is hostage to two warring parties, demonstrating a level of partisanship that's been measured to being the worst since 1860, the origins of the civil war. let's hope it doesn't take out that particular benchmark. we're witnessing the titanic struggle between those who are willing to rise above politics, and compromise to cut spending and increase taxes. yes, that's the actual compromise radical middle position as dave cote from honeywell says, and those who refuse to accept entitlement cuts. given that the president's saying he campaigned and won on a platform of higher taxes for the wealthy and the republicans say they were elected because they pledged to behind the scenes power broker grover norquist they would never raise taxes, it certainly seems that the impasse cannot be solved and we got to -- go over the cliff. not only do the hard liners refuse to rise above partisanship in order to avoid a government man-dated recession, which is what it's amounted to
to the most powerful impact of the republican party. norquist can't vote for one. memo to washington who people think there could be a deal easily, these republicans don't fear the wrath of speaker boehner like they do the whip of norquist. in two weeks' time, we'll have a dramatic tax increase. going over the cliff is the only way these norquist controlled republicans can spare the wrath of grover. which i believe having known grover for 35 years is indeed worth than the wrath of khan. so why bother to sell now? it's a pretty legitimate subsequent, can't it? now we rallied 7% from the november woes. and i believe we can keep selling off. not hard, but certainly a couple percent as more and more people recognize that we could be going over the cliff. even if this is why you shouldn't sell. pull back again. perhaps by getting the achievable goal by helping the middle class with tax breaks. remember, it isn't a cliff where you have a hard landing. more kind of a jump on to a trampoline, maybe like a deep swimming pool. there is a recovery that is almost a certainty, but it could be a vicio
hours to go. the music says it best perhaps. washington has been an absolute circus. now in the center ring in 30 minutes, president obama is set to deliver his remarks, we will have them of course live for you here now on "power lunch." let's look at the countdown clock. if we don't get a deal before time slip slides away, spending cuts and tax hikes are indeed the order of the day on this new year. happy new year, america. i'm sue herrera. we will start with john har wood at the white house in a few minutes. but amman starts us out. >> it seems they are really hashing out details of what to do about the sequester, those are the massive spending cuts. how long you delay those down and otherwise pay for them seems to be the crux of the negotiation going on behind closed doors right now but it is very difficult to find out exactly where these negotiations stand because all sides are being very, very mum. we can tell you that democrats appear to be getting a little bit concerned about where this is headed. take a listen to senator tom harkin who took to the senate floor earlier today. >>
lunch." we have three major news conferences in washington, d.c. president obama will nominate senator john kerry to be his next secretary of state. harry reid will be on the senate floor and house minority leader nancy pelosi will discuss the cliff crisis. with plan b history, washington is scrambling to get a deal done. the markets however are decidedly worried. dow jones has been down triple digits almost all session. we are off our worst lefs, down about 174 point a few moments ago. down 152 on the dow. 17 to the minus side and nasdaq is off almost 40. let's go to washington where john har wood is standing by with the latest on the fiscal cliff follies. john? >> all follies so far, sue. we had house speaker john boehner come out today and have a news conference explaining the failure of his plan b last night which stunned a lot of people because both boehner and eric cantor majority leader said they were confident they had the most to pass it. what he said today at a news conference is that there were members who had a perception which he said was incorrect. it would raise taxes. t
that there is going to be a positive conclusion in washington. the downside is not if there is not a vote to settle it. >> thank you, guys. see you later. have a good weekend. that's the first hour of the "closing bell" with the dow down 40 point. here's the second hour now with bartiromo. >>> hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bartiromo. this market closing lower on this day of national tragedy. we'll have the late on the senseless school shooting in connecticut in just a moment for you, but, first, take a look at how we're finishing the day on wall street. declines on the market. once again worries about the fiscal cliff going into year end. the dow jones industrial average down about 33 points on the session at 13,137. volume really stopped in the middle of the day. we saw things slow down quite a bit on the heels of the awful shooting and fatalities in connecticut. the nasdaq and s&p 500 also under pressure today. the mood down here impacted by the awful events in connecticut with us is hank smith of haverford investments and maggie patel and rajai from barclay
closing bell." the market down today. washington is not even close to reaching a deal to avoid the fiscal cliff. we had a triple digit decline today. here is how we're finishing the day on wall street. at the lows, dow was down 189 points. by the close, we came a fair amount of the way back from that sharp decline in the morning hours. volume very heavy today. that's how he saw a lot of shifting in the volume for the day. 1.2 billion shares here. nasdaq gave up that 29 points at the close and the s&p 500 down 13.25 points. five trading days left until the fiscal cliff deadline. seven days until congress is back in washington. raymond james says he's expecting the santa claus rally. jeff is with me now also dean from barclay's, peter anderson and our own rick santelli. jeff, how can this market rally when there's still so much uncertainty out there? >> i am surprised the market held up as well as it did today, maria. it had every reason to be down four or 500 points. historically, the week after christmas it's up about 70% of the time with a little over a percent gain. and i think you're g
of drama in washington. congressional leaders have arrived at white house. they arrived there about an hour ago with three days to go before we go over that proverbial fiscal cliff. they are meeting with the president and the treasury secretary timothy geithner, and they are trying to hash out a deal. but reports that the president has nothing new on the table has ended up spooking wall street in a big way just in the last hour, and as bill said we finished down near the lows of the day, down about 157 points for the dow. settling up right now. down what, about 165 at the very low, bill? >> i think so, yes. >> and the nasdaq finishing down 25 points and the s&p off by 15, a fifth straight day in the red. well, it is the last friday of 2012. it's in the books. check. still no deal in sight and no new offer either on the table from the president as eamon javers told us a little while ago. what now for the markets? we have our guests and our very own rick sell sebak with us. rick, let me get to you, first of all, because you're here on the set. what now for the markets? >> what now for the mar
? as with anything related to washington, there's no easy answer to why we didn't crash today. let me walk you through three different scenarios. gigantic sell-off is right around the corner. we'll get hit hard. it just hasn't happened yet. i got tons of e-mails last night from different theorists. it's just a matter of time. 11%. 15%. people say you ain't seen nothing yet. anything is possible. i wouldn't count on a sell-off. we deserve to sell-off 7% immediately upon initial failure of t.a.r.p. legislation because it was teetering on the abyss. we were on the verge of massive bank loans, atms that might not work because of hefty cash withdrawals. there's always a way to avoid a catastrophe which brings me to the second reason why we didn't collapse. with the debt ceiling deal we got last year, never forget politicians can always agree on something. something small. without any violation of principles. the politician that took no increase tax pledge governor norquist can't vote for one. don't ask him to. he can't vote for one even if the speaker of the house tried to cajole one for a tax incr
the budget. in other words, bernanke like so many of us has given up on washington's ability to govern, at least when it comes to the economy. he knows he's alone in trying to get people hired. he doesn't want to be blamed for what happens when we go over the cliff. he's actually more worried about those who don't have jobs than he is about those who do. put simply, the guy's got heart. he's not willing to check the heart at washington's door. all right. come on, this show's about making money, cramer. not a cardiology exam versus ben bernanke and the president and congress. it's the most valuable thing you can do to keep the bull market from running out of steam. as part of a long term analysis of the stock market that i've been working on pretty much every night knight at home, if needed to know one number, one piece of data to predict the market you would choose the unemployment rate. when the unemployment rate is going lower and jobs are being created, the positive signs. the congress of course is true, too. now, the problem at the moment isn't with the fed it's with the executive
advisors and steven gil garcetg and our own jeff cox. no encouraging words out of washington, here we go again, from either the fed or congress. >> right, and frankly that's very expected. there's going to be a -- some grandstanding about your political philosophies right up until the end, but the way i view this is we will not and cannot go over the fiscal cliff. >> you think the can will be kicked down the road. >> well, i think washington learned its lessons from the credit crisis. they are not going to have this go over the cliff, and i think it's going to be a recipe of a small part of cutting spending. a small part of raising taxes and a healthy doze of kicking the gan down the road. >> you would be so sure that these guys cannot do it when in fact here we are 18 days away. steve sax from your standpoint in, terms of etfs and in terms of indexing out there, how do you want to invest given all of these uncertainties as we approach year end? >> i'm in the camp i certainly hope we can avoid the fiscal cliff, but right now i don't have a lot of confidence. we're still seeing a lot of f
is cutting his holiday vacation short, returning to washington tomorrow to continue talks to try to avoid that automatic tax hike and spending cut combination. that's the same day that congress returns to town. before the president left town on friday, he suggested a stopgap measure to freeze tax rates for people making less than $250,000 a year and extend unemployment benefits. reports say white house staffers have been quietly working with senate democrats to come up with a plan to avoid the fiscal cliff, but little progress has been made. >>> a chinese ratings agency is putting the u.s. on negative watch citing troubles with long-term debt issues. on a statement on its web site, global credit says each political party insists on the proposition favorable for its own interest. it expects u.s. debt to rise to 105% of gdp this year and warns the country will probably fall into recession in 2013 if there's no resolution to the fiscal cliff. last year, it cut u.s. treasuries from a to a-plus with a negative outlook. >>> and the holiday shopping season is drying to a close. early numbers sug
there in washington as we wait for the white puff of smoke to come out of the white house, eamon. >> reporter: kind of what feels like here, bill. a lot of energy at the white house, a lot of curiosity surrounding this meeting. what you can't see from here and what i can't show you, unfortunately, is just about 50 yards from here is where you saw speaker boehner walking into the building, and we've got a whole cadre of white house still press photographers up on ladders peering over the hedge trying to get a picture of the leaders as they walk in and just to the left of that crowd is another crowd of reporters all gathered around the stakeout cameras. that's where the leaders could come out and talk to microphones if they wanted to say anything after this meeting. there's a lot of anticipation of whether they will say anything after this meeting, and it's widely seen that this would be a good sign for negotiations if they do come out and talk. a lot of previous white house meetings, they have not come out to say anything afterwards, so all those folks waiting over there might be waiting in vain her
, based on what we know right now about the various details of what they're talking about in washington, you've liked stocks anyway. is this framework they're talking about a green light to buy stocks for you? >> it is. yes. we were pretty optimistic going into 2013. this just improves the outlook. >> in what way? how? >> well, i think some finality around where taxes are going to be is going to be very, very helpful. we can manage around the different tax rates in terms of capital gains issues and whatnot within portfolio locations. so knowing what those rates are going to be in managing around that will be helpful. stocks right now attractive from a valuation standpoint. i think it'll be a good 2013. >> brad fredelander, you have been skeptical of the market. does this deal help, do you think? >> well, it's certainly good news. i think -- i do have some concern that the market es at this point are in more fiscal harmony than the discord we've been seeing. we still have within six to eight weeks the debt limit issues as well. so i think there are going to be some hurdles early in the y
now. amam jabbers is in washington. >> reporter: president obama did cut his vacation short in hawaii. he has arrived back at the white house this morning. the president emerging from marine one. what he's going to work on here in washington is pretty much anybody's guess at this point. the senate came back into session this morning and senate majority leader harry reid took to the senate floor to explain that he thought a $250,000 and above extension of the tax -- bush tax cuts could, in fact, pass and he was extremely, extremely angry in ways that you really hear on the senate floor with the speaker of the house. take a listen. >> it's beings operated with a dictatorship of the speaker not allowing the vast majority of the house of representatives to get what they want. if the 250 would be brought up, it would pass. >> so harry reid there calling house speaker john boehner a dictator for not bringing a bill to the floor that would extend the bush tax cuts for all those who make less than $250,000 a year. now that bill if it was brought to the house floor would have to pass with demo
cuts, higher taxes and pro-growth initiatives doesn't come into play anymore in washington. too many pledges, too much ideology. i l am part of the 2% that's going to have to pay more. i have the highest effective tax rate possible, 48% for a variety of reasons. but i am willing to pay more because i used to pay more at one time and i'm grateful for what this country has done for me. i know that those of us are lucky enough to have done well in this country have had a really good run and it's time to show gratefulness, even if we think the government may be profligate with our money. enough already! i want others to do well too. so don't get the idea -- i'm not against the next guy doing better. the idea is that the small business person that everyone claims to be looking out for and the middle class people everyone pledges to, they do need a chance. but here's what the polls are missing, we are seeing rumblings if washington would stop intruding and go away and agree to a sacrifice. i know some are saying the president's taking a hard line. and i was none too happy with the press co
of marriage act and california's proposition 8. nbc's pete williams joins us now from washington with all the latest details. good evening, pete. >> reporter: good evening, larry. the vilma case is the easier one. federal law signed into law by president clinton in 1996. it says if a person is legally married in a state, the federal government can't recognize those marriages. that's where you talked about federal benefits heterosexual couples get and same sex couples do not. the prop 8 thing is bigger. while potentially it's confined to the state of california only, the question it out there having given the right to gay marriage could the state then take it away through proposition 8 passed by a majority of the vote nurse 2008. having taken that case, the court could get to the bedrock issue. can any state refuse to let same sex couples get married under the federal constitution. it could potentially be narrow or very far. >> pete, as i understand it, let me ask you. this one of these things, maybe the driving one, is defense of marriage act was about paying the estate act. where one of
of a resolution, but right now the comments that we got a couple of minutes ago out of washington does not really help the situation. >> so what's the strategy, jonathan? what's the strategy given the comments that we just heard. >> not knowing what taxes will be like next year, i agree with what you said before earlier. you have to take some of the profits off the table, pear down some of your risk and exposure and hold on to ones that you think in the locker term will have performing gains. >> joining us late, the comments we're talking about came from senate majority leader harry reid who said he does not expect a deal before christmas, and he also said if the republicans are expecting the democrats to come up with a list of spending cuts they want, it's not going to happen. they are expecting the republicans to come forward with that first. those are the comments that we've been talking about. carol roth, you're the one that's been identifying those financial planners who are telling their clients sell those winners, and to hang on to the losers here. >> right. this is completely backwards to
into this market. investors still hoping for a deal in washington to avoid the fiscal cliff. take a look at how we're settling on wall street. as we saw money moving into equities in the last 20 minutes pushing the dow jones industrial average up to 60 points higher at the close at 13,312 on the dow jones industrial average. nasdaq also finishing in the plus column with a gain of six points, and the s&p 500 up about eight points, one-half of 1% at 1433. closing in on the fiscal cliff deadline still with no deal in sight, let's find out how you should be investing in the face of the fiscal cliff fiasco. we want to dig deeper into the nyc/i.c.e. deal as well announced today, that it means for you and the global exchanges. gentlemen, welcome. thanks soechg for joining us. >> thanks. >> thanks for having me. >> let me kick this off with you in terms of the fiscal cliff. give me your strategy, deal or no deal? >> i think there will be a deal. this plan "b" that wehner has actually -- waiting to see if it actually makes it to the congress for a vote is actually a big deal because if he gets it through c
said he was come back to washington and jumping on an airplane to review some new proposal from the president that they expected to get. the whole afternoon has been spent by reporters trying -- trying to figure out what was going on. now harry vaed responding to mcconnell so let's right to it. >> he's upset because, quote, the phone never rang. he complains i've not delivered solutions to the fiscal cliff. he's in error. we all know that in july of this year we passed in the senate the relief that would give -- that it would give to middle class americans. that -- that passed the senate. now, we know the republicans have buried themselves in procedural roadblocks in everything we're trying to do out here and now they are saying, well, we can't do the 250 because it wasn't blue slipped, because it will be blue slipped. mr. president, how does the american people retook the that? there was a bill introduced by the ranking member of the ways and means committee in the house, sandy levin, that called for this legislation. the speaker was going to bring it up to kill it, but he coul
is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take including suspending state and local government securities and investments in the federal employee pension funds. those don't sound like good practices going forward. president obama meanwhile arrives back in washington after cutting short his christmas vacation in hawaii. congress is back in town, but little progress was made over the holiday to avoid the fiscal cliff and no talks have been set. the senate is due in session today, but the house has no plans to reconvene. last week, house speaker john boehner
and its potential impact on our economy brought lawmakers from both houses to washington for last-minute negotiations. concerns about the cliff spooked investors, the holiday shortened trading week was lighter in volume but higher in volatility. the worst decline of the month on thursday after a disappointing read on consumer confidence and some statements by congressional leaders. and yet, with one final trading day to go, all the major averages were still showing positive performance for the year of 2012. meantime, the u.s. is set to reach the debt limit on monday. that, according to treasury secretary tim geithner in a letter to congress, though, he did say he expects to take what he called extraordinary measures to extend the government's borrowing ability for another two months or so. and even your cup of coffee wants a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of bipartisanship to their drink orders and remind customers in our nation's capital to come together. >> wall street is typically quieter t
washington the benefit of the doubt so far today. we've had no real progress to speak of on the fiscal cliff. the president did speak publicly about it today. but we haven't exactly taken any step backwards either on wall street as far as the major averages go. we have had more special dividends declared, which we'll get to. first, get you caught up on the markets. kind of a meandering day. a few economic bits of data out today. other than that, not a lot going on as far as economic data go. we're all just waiting to see that white puff of smoke come out of washington and nothing yet so far. the dow virtually unchanged right now at 12,966. the nasdaq is down seven points right now. we'll talk with seema mody about that. and the s&p 500 index at this hour is down 1.80 in change at 1407. in today's "closing bell" exchange, we go over what is going on as we head toward the end of the year. seema mody is at the nasdaq today. jeff, what do you make of what's going on in washington? i'm most interested in the fact that the markets have lost the volatili volatility. we're not seeing the markets res
're at the new york stock exchange as well looking to open the week on a winning note as washington continues to look for some kind of a deal on the fiscal cliff. >> some kind being the operative words. hello everyone, again. maria is going to be back tomorrow but in the meantime you're stuck with me. let's see what the markets are up to today. the dow holding marginally above water. as for the nasdaq and the s&p, let's get a check on those two as well. they've been kind of positive today, but not superbly so. at least it is a positive start to the trading week. >> now, forget about the number of days -- shopping days until christmas. we're talking about 13 and a half trading days after today how to position your money ahead of what might or might not happen with the fiscal cliff deal. are we ready to go? let's find out how you should be investing. everybody's looking at me like i should not be saying something right now. okay. everybody's there. mandy? >> okay. joining us now we have a cast of thousands. dan mcmahon from raymond james. nathan backrat. and our very own rick santelli. thank yo
kudlow report" starts right now. >>> first up, we begin with breaking news out of washington tonight with just 18 days until the country's economy falls off the tax and fiscal cliff, turns out president obama and house speaker john boehner have just wrapped up a surprise meeting at the white house. cnbc's own eamon javers joins us now with the details. again, good evening, eamon. >> good evening, larry. we're told the meeting at the white house was in the oval office. it was about 50 minutes long. boehner and obama were joined by a couple key players, including tim geithner and rob neighbors, the white house's liaison to capitol hill. he's the go-to guy who's been shuttling the paper back and forth throughout this. boehner was also joined by an aide that boehner sources have not named. i don't want to read too much into this larry. but you can get a sense from the amount of people in the room that they're getting into at least some level of detail here. if it was just the two principals, you'd expect a more general conversation. with that number of people in the room, maybe some more
house around 3:15 eastern. our john harwood is in washington with some more details on what we know right now. john? >> reporter: well, bill, the horror of this tragedy is also muted talk of anything else in washington for the day, including the fiscal cliff and all the issues that we've been discussing for some time now, but one of the jobs of a president is to console victims and to console the nation at a time of grief of this magnitude, so we're going to hear from the president at 3:15. jay carney earlier saying he wasn't going to discuss issues like gun control. it wasn't a day for politics. it's a day to focus on the victims of the tragedy, so you can expect the president is going to focus his remarks on the victims and what happened in connecticut and the attempt to figure out how it happened, why it happened. we'll hear from him at 3:15, and we're going to bring that to you, and we'll talk about it afterwards. >> all right, john, thank you very much. of course, we often talk about how the markets are a mood reflector, and if that's the case, we very much see a market that is
. >> and in washington, the nra breaks it's silence. the kudlow report starts now. >> all right let's go to john harwitt first in dc. i think i agree with what you were saying first. >>> he moved to plan b and the hope that further negotiations could produce progress. >> our plan b would protect american taxpayers who make $1 million or less and have their current rates extended. i continue to have hope. that would reduce spending as well as revenues on the table. >> but of course the democrats in the senate. didn't see plan b as a step forward. harry reid came out and said, john boehner is walking away from the nenegotiations. >> every time we get down to something from the long-term financial think for this country. they do the charlie brown thing, they jerk the ball away. and this is what is going on. >> the posturing conceals the process that we are not aware of. but i talked to a budget aid that said, he thinks things are getting worse in terms for prospects of a deal. >> by the way, my contacts have said the same thing. you thank you very, very much. all of this may be defying predictions. it is a
back to us. >> yeah. thank you. >>> there is some action in washington tonight. at this hour the senate has just passed a $60 billion aid bill for communities slammed by super storm sandy. that vote was 61 for, 33 against. sandy road ashore devastating several areas and the senate rejected a republican amendment to cut the immediate cost to just 23 million clearing the way for final action on the $60 billion bill. the bill now goes to the house where its passage is uncertain because of the non-sandy-related spending items that are in the bill. typical sausage making for washington. >>> let's get to our panel. here now is blake zeff, former obama campaign aide and washington editor. robert, have you heard anything in the last couple of hours that suggests to you that somehow by monday mitch mcconnell and harry reid will sing kumbaya, pass something in the senate that also passes the house? >> i'm not so sure they'll be sing kumbaya, but the real story today is that there's movement on capitol hill. reid and mcconnell come out of that white house meeting and they're ready to haggle over s
from washington. members only. membership has its privileges. we're 26 days away from going over the fis calf cliff and these are members of the house of representatives walking out. they're going home. no session tomorrow, long weekend. they need a rest. i hope someone can explain this to me. >>> the bears taking a big bite out of apple computer today. the stock getting hammered. has apple lost its mojo or does the company still have room to run? >>> and city, the big slash. knife coming down on 1,000 jobs. the cfo is set to speak about the shake-up right now and we will have the very latest on this very widely held stock which has been moving higher tod today. >>> we have a rally on our hands despite some downward pressure in apple. two of the biggest names in the most widely held stocks around, citi and apple topping the news this hour. headlines aren't good. apple right now is down about 4%. back in bear market territory, down 22% from their historic intraday high of $705 set back in september. right now shares are trading at $551.33. bob pisani joins me on the floor of the n
to be for the rising movie industry. cet will head out to washington as president obama is pushing forward his tax for the wealthy agenda. george osbourne is going to update today. the chancellor will have his work cut out to meet his target of eradicating the federal deficit by 2015 as well as securing a fall to gdp ratio. also expected further pressure with a cut to its growth forecast. steve is braving rather inclement british winter weather outside the houses of parliament. >> lovely. >> i know you like it. how much is it going to be raining on george osbourne's parade? >> it's going to rain on his parade. you just nailed it, ross. three things which are going to come up today, which he has very little control over. one is that obr reckoning on the uk economy. thought only back in march it was going to grow -- pain a negative growth for the year. next year they thought it was going to be 2% growth. it's probably only going to be 1%. in terms of those two targets you mentioned, eradicating the structural deficit in a five-year period, that's going to have another couple of years. >> right. now,
>>> from nbc news in washington, the world's longest running news program. this is "meet the press." >> that's one of our key jobs, helping to restore american faith, what the stock market is all about. i have a certain vision for what this country is going to be for my kids. that gives me purpose. >> optimistic yesterday, but we don't yet see an agreement. now the pressure is on congress to produce. if they don't, what i've said is that in the senate, we should go ahead and introduce legislation that would make sure middle class taxes stay where they are and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. but i actually think there's a majority support for making sure the middle class families are held harmless. >> if you go over to cliff, what's the impact on the markets which have been pretty confident now it would get done? >> it's hard to speculate on the market, but obviously, i think business and investors will feel more negative about the economy next year. if you look at projections of 2013,
each other. the clock is ticking in washington. ticking against a dealing. i think the two sides seem to hate each other more than ever. i don't now, it seems like the last 72 hours i was hoping it was going to get better and it seems like it got worse. i spent a ton of time this weekend hanging with old college chum, grover norquist. he's as certain as ever that republicans who have impure thoughts about violating his no new tax pledge will be targeted at the primary level by tea party members. i'm taking this masterful behind-the-scenes player at his word that he controls almost all the republicans. because almost all of them signed his oath. so a deal could be tough. plus i'm now calling for no vacation without legislation. no vacation without legislation. because the holidays are slated to begin in a couple of weeks. which doesn't give enough time to get the job done. so you have one side that ins t insisting on tax increases, and then you have the other side which has pledged no tax increases which assure those deal can occur. after all, even if the president offered heavy-duty
's hostage to washington these days. there's some trends that can trump the government, health and wellness maybe? breaking up is easy to do stories. better than expected retailers, in the end when it come to the fiscal cliff, to the longer we delay a deal or can't do a deal at all, it's worse for all the shareholders and the investors and the stock market. yes, a deal that does nothing, it simply keeps taxes where they are right now and doesn't cut entitlements, that's what everybody wants. does matter, believe he, i mean what's going to happen if we do nothing except keep things exacthe they are now, and just vote to undo the cliff. they'll downgrade the u.s. debt. but that's it. by the way, we have already proven through nine ways of sunday that -- when our credit rating got downgraded last summer. well, bonds went up in price and down in-year-old. -- in yield. so why not do nothing? why doesn't the president say we're just going to keep bonds the way they are. and we're not going to cut entitlements because we know if we don't cut taxes, the republicans will go along with their no tax p
about it. the only thing being we're relying on our leaders in washington to try to craft some sort of solution. >> did you have quotes around the word leader then? i'm only watching your lips. if you were to type that, would there be quotes around leaders? >> yes. >> thank you. i rest my case. >> i'm willing to take those quotes off. >> if they show that they are truly leaders without quotes. >> i come to work every day, my tallahassee paycheck, still in my wallet. i was a reporter. i made $137 a week. and if i had seen that go down to 127, i would have been angry. that was my subsistence. there are people who play for dinner in this country and their subsistence are on the line and they're going to be furious. but they're not going to get furious until they see their paycheck. >> it's going to impact gdp in the first quarter, and the second quarter. americans are feeling like they're protected from the democrats? because they're in lower income households? but they won't be. their paychecks will be less because the payroll tax cut will be gone. the amt, also gone. that will affect
of washington and our very own john harwood is there. >> reporter: mandy, we've got a letter from the republican leadership to the president and to the democrats in the senate saying that the house has acted, they passed legislation last year to extend all the tax cuts and to shift the scheduled sequester cuts from defense to domestic programs, but, of course, in urging the senate to act saying, well, we've acted, now it's your turn, we're simply not going to see the democrats take them up on that because president obama since that letter has won the election and now we're looking at the possibility of a mini deal that would get enacted before january 1st but so far all we've heard are the sounds of silence in the negotiations. a senior white house official told me today when i asked was there any holiday season progress, back channel progress over the past couple of days, got a one-word reply, no. second, the democratic senate leadership says there's a 50/50 chance that we'd get a deal between now and january 1st, but they don't have any progress signs to point to in a tangible way. that's sort
in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if this thing suddenly got off the rails. take a listen to mitch mcconnell last night talking about the pace of the negotiations here and the frustration that he's experienced going through all of this over the weekend. take a listen. >> now, i'm concerned about the lack of urgency here. like we all know we're running out of time. this is far too much at stake for political gamesmanship. we need to protect the american families and businesses from this looming tax hike. everyone agrees that that action is necessary. >> so now all eyes are focused on the senate for 11:00 this morning when they do reconvene. there were reports
&p are looking to finish the week on a winning note despite the lack of progress in washington on the fiscal cliff. the nasdaq continues to be dragged down by apple. >> apple's had a tough week. we'll get into that coming up. we're still looking for a deal on capitol hill, surprise, surprise. all to keep us from going over the fiscal cliff. just in case, though, we've got some experts on happened to help you protect your money. here's how we stand right now, though. it's been a generally positive day for some of the blue chip averages. the dow among them. up 57 points right now, near the highs of the session at 13,003 and change. the nasdaq continues lower. you can blame apple. technology suffering as a result today, down 12 points right now at 2977. the s&p is up 2.25 points at 1416. with less than an hour to go in the trading week, another week without a deal to avoid going over the fiscal cliff. while today's positive jobs report did give markets a boost early on, it wasn't enough to get a significant rally going and to continue it on. so what's it going to take to get some conviction bac
to pull off that syntax, though. at this point i think we've got to assume that the washington people, they can't get it together. we've got to gird ourselves for a cliff, make sure that we understand what the dive will look like, and focus on things that are easier to gauge, namely earnings and remembering that if you get aggressive ahead of falling off the cliff you're just going to do poorly. so with that in mind here's your game plan for next week. kicking things off is general electric. okay? i think this is really important. why? because this is the most important talk about the whole -- give you the whole panoply here. and my charitable trust owns ge, and part of that is because we believe it's a terrific play on several huge international themes. energy, conversation, natural gas use, aerospace, health care for worldwide aging population. i expect ge to be very upbeat. i think jeff immelt's going to tell a good story. some of that's because the company just boosted its dividend by 12% today p. you don't do that if you're doing poorly. the meeting will be the most talked about
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